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29090765
29090766

23 W Main St, Mechanicsburg, PA 17050 For Sale

BP
PA RS375768
Sterling Property Management, Inc.
MA
PA PA
Sterling Property Management, Inc.
Listed by Sterling Property Management, Inc.
$995,000
193 days on market
Updated 30 days ago

Historic Value-Add Opportunity | Heart of Mechanicsburg

Details
Property Type Mixed Use, Multifamily (+1)
Sub Type Apartment Building, Restaurant (+1)
Square Footage 15,441
Net Rentable (SqFt) 15,441
Units 4
Cap Rate 2.89%
NOI $28,800
Occupancy 66%
Tenancy Multi
Pro-Forma Cap Rate 12.91%
Pro-Forma NOI $128,486
Price per SqFt $64
Broker Co-Op Yes
Class B
Year Built 1908
Stories 3
Acreage 0.480
Zoning Commercial Market/Main
Parking Spaces 20 spaces
Parking per 1,000 SqFt 1.30
Investment Type Value Add
Ground Lease No
Ownership Fee Simple

Mixed-Use Cash Flow Gem: Existing Residential GOI + Prime 9,000 SF Commercial Retail

Marketing description


Former Ritter Hardware building. A gem of a property in downtown Mechanicsburg. Investors should be interested in an incredible cash flow potential. Owner occupants can use a great downtown space to open their new business or add a new location to their existing business. 1st floor store: approximately 9000 SF, 2 car garage: approximately 640 square feet. 2nd floor store area: 1152 square feet, and includes 2 very large 3 bedroom apartments that are both second and third floor. Parking: 20 spaces.

-Building has one commercial business interested in renting half of the 1st floor.

-$25,000 in local grants available to re-invent the façade of the building.

-(2) 3 Bedroom Apartments Providing $28,800 GOI per year.

-1 or 2 Commercial Spaces on the First floor with ample parking.

Investment highlights

  • Immediate Commercial Demand: A prospective commercial tenant is already highly interested in leasing 50% of the first-floor footprint (~4325 SF), significantly de-risking the lease-up phase during buildout.

  • Massive Cash Flow Potential: Once stabilized, the combination of approximately 9,118 SF of commercial space and high-demand residential units offers an exceptional yield for a downtown Mechanicsburg asset.

  • $25,000 "Day One" Value Boost: Benefit from $25,000 in available local grants specifically designated for façade improvements, allowing you to instantly enhance "curb appeal" and property valuation.

  • Stable Residential Income: Two expansive 3-bedroom, multi-floor apartments are currently generating $28,800 in Gross Operating Income (GOI) per year, providing immediate carry while you build out the commercial space.

  • Rare Downtown Parking: Includes a private lot with 20 dedicated parking spaces, a premium amenity in a dense downtown corridor that significantly increases tenant attraction and retention.

  • Strategic Value-Add Play: Ideal for investors looking to "force appreciation" through a commercial buildout in a landmark building with a 100-year history.

  • Versatile Footprint: Features a 9,000 SF main store, a 640 SF 2-car garage, and additional second-floor storage, offering maximum flexibility for single or multi-tenant configurations.

Listing Contacts

BP
PA RS375768
Sterling Property Management, Inc.
MA
PA PA
Sterling Property Management, Inc.
Listed by Sterling Property Management, Inc.

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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$28,800.00
$2,400.00/mo

Valuation Metrics

0
DSCR
2.89%
Cap Rate
2.89%
ROI

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Additional Information

Name
Brock M Piper
License
RS375768
Brokerage
Sterling Property Management, Inc.
Brokerage Phone
(717)258-5800
Title
Real Estate Salesperson
Brokerage Address
337 Lincoln Street
Name
Michael Adler
License
PA
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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